Dubai Residential REIT becomes largest listed REIT in GCC via DFM debut
Dubai Residential REIT, one of the largest owners and operators of residential real estate in Dubai, raised AED 2.14 billion ($584 million) from its initial public offering (IPO), according to a press release.
This marks a milestone for Dubai's capital markets, introducing the GCC's first listed pure-play residential leasing focused REIT and the region's largest listed REIT with 35,700 residential units under management.
The transaction also marks the first REIT to list under the UAE's updated regulatory framework and the first listing on the DFM in 2025.
Meanwhile, Dubai Residential REIT offered 1.95 billion units, which were fully subscribed within minutes of the book opening, resulting in a final offer price set at AED 1.10 per offer unit.
Dubai Residential REIT made its debut with a market cap of AED 14.30 billion ($3.90 billion) and a projected gross dividend yield of 7.70% for 2025.
In response to growing demand across all investor tranches, DHAM REIT Management LLC increased the size of the offering from 12.50% to 15% of Dubai Residential REIT's total issued unit capital.
The total gross demand surpassed AED 56 billion ($15 billion), resulting in an overall oversubscription of 26 times at the final offer price.
Helal Al Marri, Chairman of DFM, said: 'The successful debut of Dubai Residential REIT on DFM exemplifies our broader efforts to expand access to asset classes that reflect the economic ambitions of Dubai. It speaks to the continued evolution of our capital markets and the strength of investor confidence in our vision.'
Citigroup Global Markets Limited, Emirates NBD Capital, and Morgan Stanley & Company. International plc have been appointed as joint global coordinators and joint bookrunners.
Emirates NBD has been appointed as the lead receiving bank. Abu Dhabi Commercial Bank (ADCB), Arqaam Capital Limited, and First Abu Dhabi Bank (FAB) served as joint bookrunners for the offering.
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